2019 (5) TMI 752

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....T: (per V. Ramasubramanian, J) The Revenue has come up with the above appeal under Section 260A of the Income Tax Act, 1961 (in short 'the Act'), raising the following substantial questions of law: 1) In the facts and circumstances of the case, whether the order of the Hon'ble Tribunal (ITAT) in holding that the initial assessment order was not erroneous and exercise of jurisdic....

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....the transaction entered into by the assessee is squarely covered by Section 2(47)(v) of the Income Tax Act? 4) In the facts and circumstances of the case, whether the Hon'ble Tribunal (ITAT) is justified in holding that the provisions of Section 263 cannot be invoked even when the Assessing Officer arrived at a wrong conclusion though the facts of the case clearly indicate that the Ca....

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....f the Act. 5. The assessment proceedings were completed under Section 143(3) read with Section 147 of the Act 6. However, the jurisdictional Commissioner of Income Tax issued a show cause notice under Section 263 of the Act, dated 06.02.2017, claiming that the assessment order was erroneous and prejudicial to the interest of revenue and that it had resulted in an under-assessment of short te....

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....recorded findings of fact to the effect that the Assessing Officer actually carried out an enquiry after the reopening of the proceedings and that once there was an application of mind, on the part of the Assessing Officer, it was not open to the Commissioner to invoke the jurisdiction under Section 263 of the Act. The said finding of fact does not give rise to any substantial question of law befo....